Cryptocurrency ATM scams on the rise as more than $3m lost in 12 months
Australian authorities acquired 150 stories of crypto ATM scams and worry that that is “simply the tip of the iceberg”.
The Australian Federal Police warns Australians of a rising development in ATM-based cryptocurrency scams, with rip-off losses between 1 January 2024 and 1 January 2025 amounting to an estimated $3,107,600.
In that interval, the Australian Cyber Safety Centre’s ReportCyber web site dealt with 150 crypto ATM rip-off stories, equating to 1 report each two and a half days.
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Crypto ATMs permit people to change money for cryptocurrency and are sometimes utilized by scammers pressuring or tricking their victims into sending them cryptocurrency.
The most typical types of crypto ATM fraud are funding scams, extortion by way of e mail, and romance scams. Half of these reporting scams have been over 51, whereas the majority of victims have been ladies.
Based on AUSTRAC, $275 million strikes by crypto ATMs in Australia yearly, and a big quantity of this can be associated to scams if AUSTRAC’s intelligence is right.
“Scams are in all places, focusing on folks from all walks of life and costing Australians billions of {dollars} annually,” AFP Commander Graeme Marshall mentioned.
“Intelligence on crypto ATMs suggests on a regular basis Australians are shedding vital funds to crypto ATM scams, considerably more than is at the moment being reported to authorities.
“This might be as a result of victims don’t realise they’ve been the sufferer of a criminal offense, they don’t know the best way to report rip-off exercise, or they really feel embarrassed as a result of they have been scammed.”
Since 2019, the variety of crypto ATMs in Australia has elevated from 23 in 2019 to more than 1,600 in 2025. With more ATMs, more scammers are profiting from them; the AFP’s Joint Policing Cybercrime Coordination Centre is working with AUSTRAC’s Crypto ATM Taskforce to struggle again in opposition to the scammers and shield Australians from any additional losses.
Commander Marshall mentioned there have been widespread crimson flags to be careful for when being focused by scams.
“These can embody being requested to deposit money right into a crypto ATM for any purpose, presents or requests with an excessive sense of urgency, or crypto investments promising ‘assured’ excessive returns with no danger,” Commander Marshall mentioned.
“If one thing sounds too good to be true, it in all probability is.
“All the time be cautious of strangers or new romantic companions asking you to ‘make investments’ in crypto. By no means ship cryptocurrency to somebody you haven’t met in particular person, particularly for investments, loans or funds.
“If an organization claims you owe cash, contact them straight by official channels listed on their web site. No professional authorities company, financial institution, utility firm or enterprise will ever ask for fee by way of cryptocurrency.
“If in doubt, cease and discuss to a trusted member of the family or buddy about the scenario.”
What to do if you happen to suppose you’ve been scammed
- Cease all communication with the scammer.
- Don’t ship more cash.
- Report it to police.
- Report it to Scamwatch to assist others keep away from comparable scams.
- Notify your digital forex change supplier.
David Hollingworth
David Hollingworth has been writing about expertise for over 20 years, and has labored for a variety of print and on-line titles in his profession. He’s having fun with attending to grips with cyber safety, particularly when it lets him speak about Lego.
